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“World Bank Offers Repayment Pause to Nations in Crisis”

PARIS: The head of the World Bank said Thursday that the lender planned to introduce a “pause” mechanism for debtor countries in the event of them being hit by a crisis. Ajay Banga told a summit on financing the fight against climate change that the multilateral lender would adopt a new approach that “significantly expands the World Bank’s toolkit.” The most important measure would be offering “a pause on debt repayments so countries can focus on what matters when a crisis hits and stop worrying about the bill that is going come,” he added.
Business

Macron finalizes $100bn climate finance accord with leaders in France

PARIS: Wealthy nations finalized an overdue climate finance pledge to developing countries worth $100 billion on Friday and created a fund for biodiversity and the protection of forests, France’s president said, according to Reuters. Emmanuel Macron was speaking at a final panel of a summit in Paris where some 40 leaders, including two dozen from Africa, China’s prime minister and Brazil’s president had gathered to give impetus to a new global finance agenda.
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FAO predicts global food import bill to reach $1.98tn by 2023

RIYADH: The global food import bill is forecast to reach a record high of $1.98 trillion in 2023, up 1.5 percent from 2022, due to a combination of factors including an increase in international prices and higher volumes, the latest UN report showed.    The Food and Agriculture Organization of the UN in its biannual report stated that the anticipated increase in the 2023 bills will happen due to an additional $18.4 billion stemming from higher international prices and $12.9 billion from higher volumes. 
Business

Oil Prices Set to Rise on Optimistic China Demand

NEW YORK/SINGAPORE: Oil prices were set to snap a two-week losing streak despite trading marginally lower early on Friday, amid optimism about higher energy demand from top crude importer China and a weaker dollar, according to Reuters. Brent futures dipped 17 cents, or 0.2 percent, to $75.50 a barrel by 6:41 a.m. Saudi time, while US West Texas Intermediate crude dropped 16 cents, also 0.2 percent, to $70.46 a barrel. Both benchmarks surged about 3 percent during the prior session.
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US House passes debt bill, may face Biden veto

The Biden administration has called on House Speaker McCarthy to instead raise the debt ceiling 'without conditions'.
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Mexican immigration official charged for detention center fire

Prosecutors say a 'pattern' of irresponsibility and corruption led to the detention-centre fire that killed 40 people.
News

Bed Bath & Beyond files for US bankruptcy

One of the original big box retailers, it has had years of dismal sales and losses and said it will close all stores.
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Gaza and Sudan Wars Fuel Hunger Crisis for 280 Million | TOME

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JEDDAH: More than 280 million people worldwide suffered from acute hunger last year in a food security crisis driven by conflicts in Gaza and Sudan, UN agencies and development groups said on Wednesday. Economic shocks also added to the number of victims, which grew by 24 million compared with 2022, according to a report by the Food Security Information Network. The report, which called the global outlook for this year “bleak,” is produced for an international alliance of UN agencies, the EU and governmental and non-governmental bodies.

Solomon Islands Support for US Agency’s Return Revealed

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Peace Corps found 'overwhelming support and enthusiasm' for return to Pacific island nation, report shows.

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Solomon Islands Support for US Agency’s Return Revealed

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